Learning About Disability Insurance For Self Employed
Disability Insurance For Self Employed
|
 |
What a great feeling to be self employment. You are your own boss, you set your own hours and all the profits are yours to keep! But with all that freedom comes more responsibility, oddly enough. Now you find yourself having to invest in health insurance, automobile insurance and life insurance for your loved ones through individual coverage.
Disability insurance for self employed is another form of insurance that will be of great interest to you—and it's every bit as important as the other policies. If you invest in a life insurance policy then you are making steps to ensure your family's safety in the event of a fatal tragedy. Disability insurance for self employed works on the same principle. You are providing for your family, not in the event of a death, but in your temporary or permanent disability.
Why You Need Disability Insurance For Self Employed
When you are self employed you have no corporate backing. You don't have the luxury of sick-leave or workers compensation. You are your own boss; you sign the checks, and unfortunately, you have to make all the insurance payments. What are your cash reserves? Would they carry you through twelve months of expenses? Even if you can withdraw the money from a savings account, that will dramatically affect any longterm financial planning you have in motion, such as retirement or a home mortgage.
Disability insurance for self employed coverage could single-handedly save your home, your business and your financial security. A good policy would replace 45%-60% of your gross monthly income, and payments would be nontaxable.
What about Social Security benefits? While you could try to apply for Social Security disability benefits, that's nothing to hold your breath over. The entire process, from the waiting to the letter appeals (they turn down 50% of all their claims due to the type of disability reported) could take over two years. Your monthly expenses times twenty four? The answer is a lot of money!
Shopping For Disability Insurance For Self Employed
When shopping disability insurance for self employed keep in mind some important reminders. Obviously, you don't want a long waiting period on a disability policy. The normal waiting period is about 30-180 days after the disability or illness takes place. This can be negotiated with the insurance company, if you need a shorter waiting period. However, this will make your monthly premiums rise.
The best time to shop for shopping disability insurance for self employed workers is when you're self employed, (preferably of a young age) and healthy! It's too late to worry about disability insurance when you're suddenly injured and out of work for a year! By then it's time to start phoning friends and family.
With well over one hundred insurance carriers across the nation to choose from, for the best results try using an on line insurance vendor. You can search by desired plan and location.Disability insurance can help self employed individuals. It gives you peace of mind, strength of character and financial security.
|
